friday, november 15, 2019financial.sinarmassekuritas.co.id/info/research...nov 15, 2019 · miliar...

1

Today’s Market:

IHSG diperkirakan bergerak mixed dengan kecenderungan

menguat. Bursa AS ditutup mixed pada perdagangan Ka-

mis (14/11). Harga batubara stabil di level USD 66,70 per

Mt. Crude oil stabil di level USD 57,02 per barrel. Rupiah

stabil terhadap Dollar AS di level Rp 14.068. 10Yr Govern-

ment Bonds Yield stabil di level 7,07%.

Dari global, Biro Statistik Nasional China menunjukkan

produksi industri tumbuh 4,7% YoY pada Oktober, lebih

lambat dari pertumbuhan 5,8% pada September.

Dari dalam negeri, Badan Pusat Statistik dijadwalkan

mengumumkan data neraca perdagangan Oktober 2019

pada hari ini (15/11). Konsensus memperkirakan defisit

USD 300 juta.

Sehubungan dengan emiten, Bank Tabungan Negara

(BBTN) mencatatkan perolehan laba bersih senilai Rp 801

miliar pada kuartal III/2019, turun 64.2% YoY. Hasil ter-

sebut sejalan dengan target revisi manajemen, namun di

bawah estimasi konsensus.

Sehubungan dengan emiten, Erajaya Swasembada (ERAA)

merevisi target pembukaan gerai hingga akhir 2019 men-

jadi 190-200 gerai, dari rencana awal 300 gerai. Per

Agustus 2019, ERAA memiliki 1,054 gerai.

Sehubungan dengan emiten, Astra Internasional (ASII)

mencatatkan penjualan mobil di bulan Oktober 2019 turun

14,3% YoY menjadi 51.280 unit.

Secara teknikal indeks hari Jumat (15/11), IHSG diprediksi

bergerak di kisaran 6084-6150.

Source: Bloomberg, Sinarmas Investment Research See pg. 6-8 for Technical Corner

www.sinarmassekuritas.co.id See important disclaimer at the end of this report

Friday, November 15, 2019

ID X Stat ist ics C lo sing

JCI 6,098.95

Transaction Value Regular M arket (IDR tn) 5.084

Transaction Volume Regular M arket (mn shares) 7,217

Foreign Net Buy (Sell) (IDR bn) (222)

Foreign Net Buy (Sell) 3.12

Total M arket Capitalization (IDR tn) 7,038.90

LQ45 964.58 (1.06) (1.85)

EIDO 24.49 (0.69) (1.33)

IDX 22.08 (0.54) 1.47

DOW JONES 27,781.96 (0.01) 19.10

S&P 500 3,096.63 0.08 23.53

NASDAQ 8,479.02 (0.04) 27.79

FTSE 7,292.76 (0.80) 8.39

NIKKEI 23,141.55 (0.76) 15.62

HANG SENG 26,323.69 (0.93) 1.85

STRAITS TIM ES 3,231.85 (0.23) 5.31

KLSE 1,593.55 (0.23) (5.74)

USD/IDR 14,068.00 (0.22) (2.29)

EUR/IDR 15,531.96 0.24 (6.02)

JPY/IDR 129.67 0.08 (0.85)

SGD/IDR 10,345.94 0.07 (2.11)

AUD/IDR 9,573.30 (0.10) (6.34)

GBP/IDR 18,151.25 0.35 (1.06)

Crude Oil (USD/barrel) 57.02 8:01:19 AM 25.57

Coal (USD/mn tons) 66.70 11/14/2019 (34.64)

Natural Gas (USD/mmBtu) 2.63 8:01:00 AM (10.65)

Gold (USD/ounce) 1,468.35 8:11:25 AM 14.48

Nickel (USD/mn tons) 15,100.00 8:11:19 AM 41.39

Tins (USD/mn tons) 16,280.00 8:11:19 AM (16.41)

CPO (M YR/mn tons) 2,560.00 11/14/2019 27.74

Rubber (JPY/kg) 163.00 8:06:11 AM (5.47)

Wheat (USD/bushel) 507.25 8:01:23 AM 0.79

Corn (USD/bushel) 375.75 8:01:25 AM 0.07

P riceLast

T ransact io n

YT D

C hg (%)C o mmo dit ies

Other Indices C lo sing 1-D ay C hg (%)YT D

C hg (%)

C urrency Spo t R ate R ate ( ID R ) 1-D ay C hg (%)YT D

C hg (%)

IHSG turun sebanyak 43.6 poin (0.71%) ke level 6098.95.

Sementara LQ45 turun sebanyak 10.3 poin (1.06%) ke level

964.58. Foreign net sell sebesar Rp 221.73 miliar.

02,000

4,000

6,000

8,00010,000

12,000

14,00016,000

18,000

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

Oct-

18

Nov-

18

Dec-

18

Jan-

19

Feb-

19

Mar-

19

Apr-

19

May-

19

Jun-

19

Jul-

19

Aug-

19

Sep-

19

Oct-

19

Millions

Volume JCI Index

2

Daily Corporate and Industry News

Data Biro Statistik Nasional China yang dirilis Kamis (14/11), menunjukkan produksi industri tumbuh 4,7% secara tahunan pada Oktober, lebih lambat dari pertumbuhan 5,8% pada September. Source: Bisnis Indonesia Direktorat Jenderal Bea dan Cukai (DBJBC) Kementerian Keuangan (Kemenkeu) mengungkapkan, penerimaan bea dan cukai hingga 12 November 2019 tercatat Rp 165.46 triliun atau setara dengan 79.24% dari target APBN 2019. Source: Investor Daily Ekspor tekstil dan produk tekstil (TPT) nasional diperkirakan hanya naik 2-3% pada tahun depan menjadi sekitar USD 15.45 miliar dibanding estimasi tahun ini sebesar USD 15 miliar. Kenaikan tersebut lebih rendah dari target per-tumbuhan ekspor 2019 sebesar 13% dari 2017 sebesar USD 13.27 miliar. Source: Investor Daily Japfa Comfeed Indonesia (JPFA) akan melunasi Obligasi Berkelanjutan II Tahap I Tahun 2016 Seri A yang akan jatuh tempo pada 1 Desember 2019. Menurut keterangan perseroan yang diperoleh Jumat disebutkan, pelunasan terdiri dari sebesar Rp850 miliar untuk pembayaran pokok dan Rp19,65 miliar untuk pembayaran bunga. Source: IQPlus Astra Internasional (ASII) mencatatkan penjualan mobil di bulan Oktober 2019 turun 14,3% menjadi 51.280 unit dibandingkan periode sama tahun sebelumnya yang 59.866 unit. Source: IQPlus Bank Rakyat Indonesia (BBRI) mencatatkan pertumbuhan transaksi melalui EDC kuartal III-2019 tumbuh 45% YoY. Source: Kontan Erajaya Swasembada (ERAA) merevisi target pembukaan gerai hingga akhir 2019 menjadi 190-200 gerai, dari rencana awal 300 gerai. Per Agustus 2019, ERAA memiliki 1,054 gerai. Source: Kontan Asuransi Tugu Pratama Indonesia (TUGU) hingga akhir kuartal III-2019 membukukan laba bersih sebesar Rp 285.9 miliar, tumbuh 174% yoy. Source: Investor Daily Optima Prima Metal Sinergi (OPMS) terus memperkuat bisnisnya. Terbaru, perseroan membeli tiga kapal bekas yang diperkirakan akan menghasilkan 7.300 ton besi scrap untuk bahan baku baja. Source: IQPlus Bank Tabungan Negara (BBTN) mencatatkan perolehan laba senilai Rp801 miliar pada kuartal III/2019, turun 64.2% dibandingkan dengan periode sama tahun lalu Rp2,23 triliun. Komponen penekan utama adalah CKPN yang naik 21,34% secara tahunan (year-on-year/yoy).. Secara rasio, CKPN perseroan naik ke level 52,67% pada September 2019 dari 38,58% di bulan yang sama tahun lalu. Hingga akhir tahun, kami membidik rasio CKPN terus naik ke level di atas 70%. Source: Bisnis Indonesia


3

World Equity Indices

Source: Bloomberg, Sinarmas Investment Research


WOR LD EQUIT Y IN D IC ES

N O T IC KER

1 INDU Index 27,806.40 21,712.53 4,454.50 19.10 19.13 18.77 4.13 3.97 7,830.21 7,830.21

2 SPX Index 3,102.61 2,346.58 589.78 23.53 20.55 18.81 3.46 3.34 26,652.02 26,652.02

3 CCM P Index 8,514.84 6,190.17 1,843.74 27.79 31.34 25.48 4.56 4.64 13,168.07 13,168.07

4 SPTSX Index 16,987.29 13,776.88 2,649.32 18.50 17.34 15.69 1.82 1.69 2,605.98 1,967.67

5 M EXBOL Index 45,599.57 38,265.51 1,548.41 3.72 16.80 15.26 2.07 2.00 5,368.54 276.03

6 SX5E Index 3,719.40 2,908.70 687.39 22.90 19.93 15.51 1.75 1.71 3,251.85 3,582.89

7 UKX Index 7,727.49 6,536.53 564.63 8.39 17.58 13.35 1.68 1.71 1,944.76 2,504.66

8 CAC Index 5,931.19 4,555.99 1,170.39 24.74 21.14 16.08 1.73 1.67 1,813.64 1,998.27

9 DAX Index 13,308.26 10,279.20 2,621.27 24.83 24.41 15.79 1.65 1.62 1,224.38 1,349.02

10 IBEX Index 9,587.60 8,286.20 633.40 7.42 14.94 12.76 1.29 1.26 575.15 633.70

11 FTSEM IB Index 23,827.58 17,914.03 5,157.32 28.15 14.16 12.10 1.21 1.18 530.98 585.04

12 AEX Index 600.35 472.19 107.38 22.01 17.74 17.68 1.91 1.92 702.97 774.53

13 SM I Index 10,356.04 8,138.56 1,803.93 21.40 23.90 17.38 2.64 2.47 1,228.06 1,242.73

14 AS51 Index 6,875.50 5,410.20 1,133.70 20.08 20.02 17.77 2.18 2.11 2,015.92 1,367.40

15 AS30 Index 6,958.70 5,478.40 1,173.10 20.55 20.36 17.42 2.12 2.10 2,198.03 1,490.93

16 SHSZ300 Index 4,126.09 2,935.83 895.21 29.73 13.69 12.76 1.76 1.69 31,054.25 4,423.18

17 SHASHR Index 3,444.44 2,555.84 437.25 16.74 14.03 11.59 1.42 1.34 32,436.92 4,620.12

18 SZASHR Index 1,881.65 1,287.89 373.26 28.16 33.86 19.48 2.37 2.55 22,071.62 3,143.75

19 HSI Index 30,280.12 24,896.87 477.99 1.85 10.29 10.42 1.15 1.13 16,921.30 2,161.42

20 HSCEI Index 11,881.68 9,731.89 302.63 2.99 8.22 8.16 1.09 1.05 12,036.64 1,537.48

21 SENSEX Index 40,749.33 34,426.29 4,218.15 11.69 28.64 21.88 2.91 2.84 72,128.51 1,001.73

22 NIFTY Index 12,103.05 10,333.85 1,009.55 9.29 25.86 20.86 2.87 2.75 88,249.36 1,225.61

23 JCI Index 6,636.33 5,767.40 (95.55) (1.54) 19.11 15.85 2.03 2.12 7,038,899.13 498.79

24 LQ45 Index 1,059.65 888.02 (18.15) (1.85) 16.30 15.57 2.30 2.20 4,554,105.08 322.71

25 KSE100 Index 41,804.81 28,670.98 176.53 0.48 8.80 6.56 1.17 1.06 6,123.43 39.40

26 NKY Index 23,591.09 18,948.58 3,248.50 16.23 18.58 17.51 1.78 1.69 380,545.78 3,512.51

27 NEY Index 348.26 284.63 42.83 14.23 14.47 12.61 1.12 1.08 447,303.76 4,128.70

28 TPX Index 1,713.79 1,408.89 198.91 13.31 15.44 14.10 1.21 1.20 641,098.07 5,917.46

29 FBM KLCI Index 1,732.27 1,548.45 (97.03) (5.74) 19.55 16.69 1.61 1.46 1,022.20 245.93

30 NZSE Index 1,892.54 1,505.56 308.09 20.12 26.93 25.05 2.23 2.25 152.06 96.91

31 PCOM P Index 8,419.59 6,898.55 467.69 6.26 17.14 17.12 2.02 1.94 9,906.13 195.26

32 FSSTI Index 3,415.18 2,993.42 163.09 5.31 12.24 13.10 1.07 1.11 561.75 412.41

33 KOSPI Index 2,252.05 1,891.81 115.01 5.63 16.82 15.06 0.85 0.92 1,384,266.97 1,181.77

34 TWSE Index 11,668.20 9,319.28 1,723.01 17.71 18.78 17.53 1.74 1.84 34,427.82 1,126.86

35 SET Index 1,748.15 1,546.62 45.59 2.92 18.94 17.08 1.79 1.78 16,866.51 558.40

36 SET50 Index 1,164.72 1,031.45 40.52 3.88 18.48 17.43 2.04 1.90 11,859.54 392.63

37 VNINDEX Index 1,028.97 861.85 119.76 13.42 16.61 17.03 2.41 2.73 3,451,612.39 148.76

T railing

12M2019E

D o main

C urrencyUSDLOW P OIN T %

T railing

12M2019E

A sia/ P acif ic

A merica

52-WEEK C H A N GE YT D P ER (x) P B V (x) M A R KET C A P (B n)

Euro pe

H IGH

4

LQ45



LQ45 Index

HIGH LOW POINT %Trailing

12M2019E

Trailing

12M2019E

1 ADRO IJ 1,300 1,585 1,010 85 7.00 5.69 7.11 0.78 0.75 41,581,751

2 AKRA IJ 3,700 5,875 3,510 (590) (13.75) 20.55 17.13 1.81 1.73 14,854,371

3 ANTM IJ 815 1,175 595 50 6.54 24.35 20.39 0.98 0.96 19,585,073

4 ASII IJ 6,575 8,775 6,250 (1,650) (20.06) 13.00 12.31 1.86 1.77 266,179,362

5 BBCA IJ 31,350 31,900 23,950 5,350 20.58 27.34 26.67 4.60 4.47 772,934,564

6 BBNI IJ 7,300 10,250 6,650 (1,500) (17.05) 8.75 8.65 1.15 1.14 136,135,192

7 BBRI IJ 3,940 4,730 3,330 280 7.65 14.31 13.75 2.45 2.40 485,982,491

8 BBTN IJ 1,835 2,860 1,780 (705) (27.76) 7.23 10.46 0.79 0.79 19,432,650

9 BMRI IJ 6,875 8,175 6,275 (500) (6.78) 11.81 11.66 1.63 1.63 320,833,333

10 BRPT IJ 1,025 1,105 376 547 114.44 123.27 36.43 5.47 0.81 91,236,234

11 BSDE IJ 1,380 1,580 1,120 125 9.96 8.81 10.25 0.92 0.89 26,560,441

12 BTPS IJ 3,880 4,220 1,650 2,085 116.16 29.85 22.98 7.48 5.82 29,890,356

13 CPIN IJ 6,900 8,825 4,190 (325) (4.50) 31.09 31.98 5.65 5.36 113,146,200

14 CTRA IJ 1,025 1,335 855 15 1.49 18.80 18.75 1.30 1.25 19,024,311

15 ERAA IJ 1,595 2,590 965 (605) (27.50) 14.31 11.58 1.08 0.98 5,088,050

16 EXCL IJ 3,480 3,730 1,875 1,500 75.76 - 60.79 1.97 1.97 37,194,102

17 GGRM IJ 54,000 100,975 49,175 (29,625) (35.43) 11.20 10.78 2.19 2.10 103,900,752

18 HMSP IJ 2,090 4,080 1,995 (1,620) (43.67) 17.34 16.77 7.61 6.73 243,104,781

19 ICBP IJ 11,400 12,550 8,650 950 9.09 26.69 26.65 5.55 5.52 132,945,751

20 INCO IJ 3,360 4,320 2,410 100 3.07 411.76 47.76 1.26 1.22 33,386,098

21 INDF IJ 7,700 8,050 5,650 250 3.36 13.85 14.41 1.86 1.90 67,609,284

22 INDY IJ 1,250 2,640 1,155 (335) (21.14) #N/A N/A 6.35 0.52 0.49 6,512,740

23 INKP IJ 7,925 13,800 5,325 (3,625) (31.39) 9.94 - 0.78 - 43,357,540

24 INTP IJ 19,675 22,875 17,000 1,225 6.64 42.50 44.51 3.24 3.10 72,428,234

25 ITMG IJ 12,350 24,475 11,700 (7,900) (39.01) 5.89 6.80 1.05 1.10 13,954,574

26 JPFA IJ 1,650 3,100 1,280 (500) (23.26) 12.52 11.77 1.92 1.81 19,348,849

27 JSMR IJ 4,900 6,450 3,830 620 14.49 18.39 16.77 1.96 1.89 35,563,569

28 KLBF IJ 1,510 1,690 1,260 (10) (0.66) 27.56 27.06 4.62 4.41 70,781,434

29 LPPF IJ 3,600 7,325 2,940 (2,000) (35.71) 12.95 6.79 5.63 4.46 10,097,580

30 MEDC IJ 640 1,060 615 (45) (6.57) - 9.10 0.64 0.58 11,420,193

31 MNCN IJ 1,405 1,540 675 715 103.62 7.89 9.41 1.57 1.65 20,057,925

32 PGAS IJ 1,965 2,720 1,775 (155) (7.31) 15.68 13.97 1.30 1.23 47,634,564

33 PTBA IJ 2,460 5,025 2,110 (1,840) (42.79) 6.25 6.44 1.59 1.55 28,340,822

34 PTPP IJ 1,570 2,550 1,405 (235) (13.02) 8.32 6.47 0.75 0.67 9,733,839

35 PWON IJ 565 815 560 (55) (8.87) 9.34 10.23 1.89 1.78 27,210,175

36 SCMA IJ 1,320 2,030 1,080 (550) (29.41) 15.80 13.45 3.73 3.67 19,494,790

37 SMGR IJ 12,600 14,450 10,050 1,100 9.57 32.70 36.92 2.40 2.34 74,737,152

38 SRIL IJ 272 376 270 (86) (24.02) 4.52 3.87 0.68 - 5,562,992

39 TKIM IJ 11,750 14,450 5,575 650 5.86 17.30 - 1.89 - 36,580,377

40 TLKM IJ 4,050 4,500 3,431 352 9.53 19.80 18.77 4.03 3.69 401,201,977

41 TPIA IJ 9,650 9,925 4,680 3,725 62.87 122.40 114.32 6.91 6.86 172,093,471

42 UNTR IJ 22,425 35,525 19,650 (4,925) (18.01) 7.82 7.50 1.50 1.39 83,648,280

43 UNVR IJ 42,800 50,525 40,000 (2,600) (5.73) 44.65 43.74 47.41 46.03 326,564,000

44 WIKA IJ 1,935 2,500 1,125 280 16.92 7.80 8.49 1.10 1.06 17,356,856

45 WSKT IJ 1,460 2,230 1,420 (220) (13.10) 14.29 6.27 1.09 0.91 19,817,968

MARKET CAP

(Mn)LQ45 Index

CHANGE YTD PER (x) PBV (x)

14-Nov-19

52-WEEK

5

Macro data


www

D escriptio n 1-D ay (%) 5-D ays (%) 1-M o nth (%) YT D (%)

Property 0.02 0.46 1.47 13.64

Basic Industry (0.95) (1.55) 5.75 9.87

Trade (1.09) (1.58) (1.04) 1.24

Finance (0.43) (1.45) 1.06 6.39

M iscellaneous Industry (1.61) (0.47) 3.34 (15.09)

Consumer (0.02) 0.76 (4.64) (19.31)

Infrastructure (1.72) (1.69) (6.33) 6.75

Agriculture (0.30) 0.24 3.95 (10.65)

M ining (1.45) (4.32) (9.71) (18.25)

Oct-19 Sep-19

2.22 3.61

3.13 3.39

0.02 -0.27

126.70 124.33

F OR EX Spo t R ate 1-D ay (%) 1-M o nth (%) YT D (%)

USD/IDR 14,068.00 - 0.70 2.29

USD/CNY 7.02 0.04 0.67 (2.03)

USD/EUR 0.91 (0.06) 0.06 3.98

USD/JPY 108.62 (0.18) 0.22 0.99

USD/SGD 1.36 0.09 0.73 0.15

USD/AUD 1.47 (0.15) (0.65) 3.70

USD/GBP 0.78 (0.03) (0.77) (1.00)

( in %)

5.80

0.96

1.46

6.51

7.07

7.45

Indonesia 5-Year Government Bonds Yield



Lending and D epo sit R ates

JIBOR (in IDR)

LIBOR (in GBP)

SIBOR ( in USD)

Inflation M oM (in %)

Foreign Reserves (in USD bn)

Secto rs

Eco no mic Indicato rs

Inflation YTD (in %)

Eco no mic P arameters

Inflation YoY (in %)

Technical Corner


JCI : MIXED MENGUAT

Last price : 6.098

Support : 6.084, 6.052

Resistance : 6.118, 6.150

JCI pada hari ini kami perkirakan akan bergerak MIXED MENGUAT dengan range 6.084 - 6.150. JCI belumberhasil bertahan diatas Resistance 6.118, berpeluang melanjutkan pelemahan dengan menguji SupportTrendline 6.052 dan 6.022. Namun, jika JCI bertahan diatas 6.118 akan mencoba Resistance 6.150 dan 6.180.Indikator Stoc osc mengindikasikan pola Oversold dan MACD mengindikasikan pola Downtrend.

Jakarta Composite Index (JCI)

Summary of portfolio:Stock Recommendation Comment

MDKA BUY MDKA berhasil breakout Resistance 1.050, berpeluang melanjutkan penguatandengan mencoba Resistance 1.100 dan 1.120.

PWON HOLD PWON breakdown Support 570, berpeluang melanjutkan pelemahan denganmenguji Support 560 dan 545.

INDF HOLD INDF break Support 7.700, berpeluang melanjutkan pelemahan denganmenguji Support 7.575 dan 7.500.

WIKA BUY ON WEAKNESS WIKA belum berhasil bertahan diatas Resistance 1.955, berpeluang mengujiSupport 1.920 dan 1.895.

Merdeka Copper Gold Tbk ( MDKA )

Pakuwon Jati Tbk ( PWON )


MDKA : BUY

Last price : 1.080Target price : 1.155 (6.9%)Entry point : 1.080Stop Loss : 1.025 (-5.1%)

MDKA berhasil breakout Resistance 1.050, berpeluang melanjutkan penguatan dengan mencoba Resistance 1.100 dan1.120. Namun, jika MDKA gagal break Resistance 1.100, berpeluang menguji Support 1.050 dan 1.025. IndikatorMACD dan Indikator Stoc osc mengindikasikan pola Oversold.

PWON : HOLD

Last price : 565Target price : 610 (5.2%)Stop loss : 560 (-3.4%)

PWON breakdown Support 570, berpeluang melanjutkan pelemahan dengan menguji Support 560 dan 545. Namun,jika PWON bertahan diatas Support 570, akan mencoba Resistance 585 dan 595. Indikator MACD mengindikasikanpola Downtrend dan Stoc osc mengindikasikan pola Oversold.

Support : 1.150, 1.125Resistance : 1.140, 1.165

Support : 560, 545Resistance : 585, 595

INDF : HOLD

Last price : 7.700Target price : 8.025 (4.2%)Stop Loss : 7.500 (-2.6%)

INDF break Support 7.700, berpeluang melanjutkan pelemahan dengan menguji Support 7.575 dan 7.500. Namun, jikaINDF bertahan diatas Resistance 7.825 berpeluang mencoba Resistance 7.925 dan 8.025. INDF dilihat dari IndikatorMACD dan Stoc osc mengindikasikan Downtrend.

WIKA : BUY ON WEAKNESS

Last price : 1.935Target price : 2.020 (4.7%)Entry point : 1.930Stop loss : 1.885 (-2.3%)

WIKA belum berhasil bertahan diatas Resistance 1.955, berpeluang menguji Support 1.920 dan 1.895. Namun, jikaWIKA bertahan diatas Resistance 1.955 akan mencoba Resistance 1.990 dan 2.020. WIKA dilihat dari IndikatorStochastic dan MACD mengindikasikan pola Reversal.



Wijaya Karya ( Persero )Tbk ( WIKA )

Indofood Sukses MakmurTbk ( INDF )


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Equity Research Team

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Evan Lie Hadiwidjaja

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DEPUTY HEAD OF RESEARCH

Wilbert

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EQUITY ANALYST

Richard Suherman

Commodities

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EQUITY ANALYST

Richardson Raymond

Property, Industrial Estate

Tel: +62 21 3925550 Ext: 159

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EQUITY ANALYST

Paulina

Retail, Cement, Digital

Tel: +62 21 3925550 Ext: 610

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EQUITY ANALYST

Anthony Angkawijaya

Construction, Infrastructure, Petrochemical

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TECHNICAL ANALYST

Eddy Wijaya

Tel: +62 21 3925550 Ext: 159

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